"S&P" announced its forecast on exchange rate of Azerbaijani manat

"S&P" announced its forecast on exchange rate of Azerbaijani manat
# 10 June 2023 10:57 (UTC +04:00)

"S&P Global Ratings" international rating agency announced its forecast regarding the Azerbaijani manat, APA-Economics reports.

This forecast was included in the report of the international rating agency "S&P Global Ratings" on Azerbaijan. "S&P" determined that the US dollar/Azerbaijani manat exchange rate will remain at the level of 1.70 until 2026.

"We assume that Azerbaijan will retain the manat's de facto peg to the U.S. dollar at AZN1.7 to $1.0, supported by the authorities' regular interventions in the foreign-currency market. Nevertheless, in our view, should hydrocarbon prices drop sharply and remain low for a prolonged period, the authorities could consider adjusting the exchange rate. This would help avoid a substantial loss of foreign-currency buffers, similar to the central bank's actions in 2015," "S&P Global Ratings" noted.

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